The Global Freight Brokerage Market is likely to ascend at a CAGR of 3.9% over the forecast period (2021-2027) according to QuantAlign Research. The rise in manufacturing activities have resulted in an increase in complexities and risks associated with supply chain management. Subsequently, industries are opting for freight brokers for the effective transportation of goods. Freight brokerage companies design and manage an optimum supply chain network, which ensures the effective delivery of goods from the source to destination, thereby reducing the operational costs for end-users. With the growing demand for transportation and logistics services from various end-user industries, including the pharmaceutical, e-commerce, FMCG, automotive, and manufacturing sectors, the demand for freight brokerage services will increase in the coming year.

During the forecast period , as far as technology integration is concerned, new entrants (Convoy, Uber Freight, uShip, etc.) are trying to gain significant market share by offering price transparency, online load boards, and freight marketplaces for booking freight via mobile apps, with the goal of removing human interaction in the freight booking and payment process. As per the industry sources, neither Convoy nor Uber Freight yet possesses even one percent market share of the truckload brokerage industry, and more than 60% of industry is composed of relatively small players, presenting an opportunity for technology disruption and consolidation that has been attractive for venture capitalists, who poured nearly USD 3 billion dollars into freight tech companies in 2018.

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Global Freight Brokerage Market Demand Outlook, COVID-19 Impact, Trend Analysis by Industry, by Services (Manufacturing, Distribution Services, Electronic Services, Financial Services, Professional Services, Others) by Freight Movement (Truck, Air, Water, Rail, Multiple Modes and Mail) and Industry Estimates 2021-2027 –  “https://quantalignresearch.com/global-freight-brokerage-market-report “

Key insights: 

• The digital freight broker is also referred as urbanization of trucking. The digitalization is the latest craze in the logistics industry. The latest advancement in freight brokerage is the adoption of technically advanced apps. The increasing technological innovation in supply chain and logistics are gaining the attention of digital freight brokers market. The proliferation of on-demand or app-based trucking providers is gaining a noteworthy amount of investment and attention
• The North America digital freight brokerage market is expected to expand at a significant rate over the coming years. Empty miles account for a staggering 25-40%, depending on the type of operation. of total road-freight miles every year in North America

Key players operating in the market include: Echo Global Logistics, Inc., United Parcel Service of America Inc., Eurosonix, Hub Group, England Logistics, C.H. Robinson Worldwide, Inc., Kuehne + Nagel International AG, Nippon Yusen, Sinotrans Ltd.  Kabushiki,Kaisha, XPO Logistics,UBER Freight, Coyote Logistics, Schneider, Redwood Logistics are among others.